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Question 1 The following transactions took place in June for the Kaur Corporate June 1) The...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $25 par (300,000 shares authorized, 140,000 shares issued) $3,500,000 Paid-In Capital in Excess of Par—Preferred Stock 560,000 Common Stock, $100 par (1,000,000 shares authorized, 340,000 shares issued) 34,000,000 Paid-In Capital in Excess of Par—Common Stock 2,720,000 Retained Earnings 68,000,000 At the annual stockholders' meeting on March 31, the board...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $75 par (500,000 shares authorized, 150,000 shares issued) $11,250,000 Paid-In Capital in Excess of Par-Preferred Stock 1,800,000 Common Stock, $100 par (700,000 shares authorized, 250,000 shares issued) 25,000,000 Paid-In Capital in Excess of Par-Common Stock 2,000,000 50,000,000 Retained Earnings At the annual stockholders' meeting on March 31, the board...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 280,000 shares at $70; collected cash in full and issued the shares. Share issue costs amounted to $56,000. Treat this amount as a reduction of the common share account. C. Received subscriptions for 140,000 shares at $80 per share; collected 60% of the subscription price. The shares will not...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: To record authorization of shares by board of directors (memorandum). Issued 90,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $46,000. Treat this amount as a reduction of the common share account. Received subscriptions for 45,000 shares at $70 per share; collected 80% of the subscription price. The shares will not be issued until...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 1% Stock, $25 par (500,000 shares authorized, 90,000 shares issued) $2,250,000 Paid-In Capital in Excess of Par—Preferred Stock 360,000 Common Stock, $100 par (1,000,000 shares authorized, 300,000 shares issued) 30,000,000 Paid-In Capital in Excess of Par—Common Stock 2,400,000 Retained Earnings 60,000,000 At the annual stockholders' meeting on March 31, the board...
The following transactions relate to the stockholders' equity transactions of Lindsay Corporation...
The following transactions relate to the stockholders' equity transactions of Lindsay Corporation for 2018, its first year of existence. Articles of incorporation are filed with the state. The state authorized the issuance of 10,000 shares of 6%, $50 par value preferred stock and 200,000 shares of $1 par value common stock. January 28 40,000 shares of common stock are issued for $15 per share. 70,000 shares of common stock are issued in exchange for land and buildings that have a...
Make necessary entries for all the transactions in question 1 below and make all necessary entries...
Make necessary entries for all the transactions in question 1 below and make all necessary entries for all the transactions in question 2 including necessary entries related to the bonds up to December 31, 2019. 1. Omari and Alexandre started a partnership business and made the following contributions into the 0 and A Partnership Business: Omari contributed $300,000 cash and Alexandre contributed a building that has a book value of $125,000 and a fair market value of $150,000 plus cash...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 260,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $51,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 130,000 shares at $70 per share; collected 70% of the subscription price. The shares will not...
The following transactions took place for Parker's Grocery.
The following transactions took place for Parker's Grocery. a. Jan. 1 Loaned $47,e8e to a cashier of the company and received back a one-year, 1e percent note. b. June 38 Accrued interest on the note. c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.) d. Dec. 31 Received principal on the note. Required: Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry Is required for a transaction/event, select "No Journal Entry Required"...
On January 1, 2020, Kevin Malone Corporation received a charter granting the right to issue 8,000...
On January 1, 2020, Kevin Malone Corporation received a charter granting the right to issue 8,000 shares of $80 par value, 9% cumulative and nonparticipating preferred stock, and 65,000 shares of $12 par value common stock. It then completed these transactions. Jan. 11 Issued 15,000 shares of common stock at $20 per share. Feb. 1 Issued to Sanchez Corp. 6,500 shares of preferred stock for the following assets: equipment with a fair value of $45,000; a factory building with a...
Stock Transactions for Corporate Expansion On December 1 of the current year, the following accounts and their balances appear in the ledger of Latte Corp., a coffee processor: Preferred 2% Stock, $75 par (500,000 shares authorized, 150,000 shares issued) $11,250,000 Paid-In Capital in Excess of Par-Preferred Stock 1,800,000 Common Stock, $100 par (700,000 shares authorized, 250,000 shares issued) 25,000,000 Paid-In Capital in Excess of Par-Common Stock 2,000,000 50,000,000 Retained Earnings At the annual stockholders' meeting on March 31, the board...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 280,000 shares at $70; collected cash in full and issued the shares. Share issue costs amounted to $56,000. Treat this amount as a reduction of the common share account. C. Received subscriptions for 140,000 shares at $80 per share; collected 60% of the subscription price. The shares will not...
The following transactions relate to the stockholders' equity transactions of Lindsay Corporation for 2018, its first year of existence. Articles of incorporation are filed with the state. The state authorized the issuance of 10,000 shares of 6%, $50 par value preferred stock and 200,000 shares of $1 par value common stock. January 28 40,000 shares of common stock are issued for $15 per share. 70,000 shares of common stock are issued in exchange for land and buildings that have a...
Make necessary entries for all the transactions in question 1 below and make all necessary entries for all the transactions in question 2 including necessary entries related to the bonds up to December 31, 2019. 1. Omari and Alexandre started a partnership business and made the following contributions into the 0 and A Partnership Business: Omari contributed $300,000 cash and Alexandre contributed a building that has a book value of $125,000 and a fair market value of $150,000 plus cash...
Holimont Ltd. (HL) has unlimited no-par common shares authorized. The following transactions took place in the first year: a. To record authorization of shares by board of directors (memorandum). b. Issued 260,000 shares at $60; collected cash in full and issued the shares. Share issue costs amounted to $51,000. Treat this amount as a reduction of the common share account. c. Received subscriptions for 130,000 shares at $70 per share; collected 70% of the subscription price. The shares will not...
The following transactions took place for Parker's Grocery. a. Jan. 1 Loaned $47,e8e to a cashier of the company and received back a one-year, 1e percent note. b. June 38 Accrued interest on the note. c. Dec. 31 Received interest on the note. (No interest has been recorded since June 30.) d. Dec. 31 Received principal on the note. Required: Prepare the journal entries that Parker's Grocery would record for the above transactions. (If no entry Is required for a transaction/event, select "No Journal Entry Required"...
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